Quarterly Management Report – June 30, 2025

The following quarterly highlights management discussion and analysis of the financial condition and results of the operations of Dios Exploration Inc. (the "Company" or "Dios") constitutes management's review of the factors that affected the Company's financial operating performance for the three and six-month period ended June 30, 2025.

This discussion and analysis should me read in conjunction with:

• The unaudited interim financial statements on June 30, 2025.

• The 2024 Annual Management report; and

• The Company's audited financial statements for the years ended December 31, 2024, and 2023.

These documents and additional information may be available through https://www.sedarplus.ca website, under the Company's section or at https://www.diosexplo.com. Dios' shares are trading on TSX Venture Exchange under the symbol "DOS". On June 30, 2025, there are 126,507,066 shares issued and outstanding.

Dios focuses on gold-copper-silver and lithium exploration in James Bay Eeyou Istchee, Quebec, Canada, along a major greenstone belt and geological province contact. Gold prices are currently at a very rare high.

Dios' wholly-owned Heberto Gold discovery and several other gold occurrences are hosted on road accessible AU33 property, adjacent to Hydro-Quebec EM-1 hydropower facilities.

Dios is evaluating all its gold projects for further work to enhance its value and potential.

K2 gold-copper-silver property, adjacent south-west of Azimut's Elmer gold discovery property, was sold to Azimut in July, after the quarterly financial period ending June 30, 2025.

During the quarter, Dios incurred $717 for mining rights (claims renewal and acquisitions) compared to $0 for the same period last year.

Mining Right Additions Analysis

During the quarter ended June 30, 2025, the Company incurred $10,360 in exploration expenses compared to $14,257 for the same period in 2024.

Exploration Expenses Analysis

During the six-month period ended June 30, 2025, Dios incurred $5,550 for mining rights (claims renewal and acquisitions) compared to $0 for the same period last year.

Mining Right Additions Analysis

During the six-month period ended June 30, 2025, the Company incurred $11,335 in exploration expenses compared to $20,693 for the same period in 2024.

Exploration Expenses Analysis

Heberto Gold Discovery (Au33 property)

Hole 19 did hit 3.65 grams gold per tonne over 13 m (71 m-84 m) within 64 m true thickness interval grading 1.21 g/t gold on HEBERTO.

Hole 19 (3.65g/t Au/13m) is 112 m west of Hole 1 and 50 m north of Hole 6 (2,23g/t Au/7.75 m).

Hole 19 is 50 m south of Hole 1 (2.13g/t Au/22.9m), of Hole 9 (2 g/t Au/22 m) & of Hole10 (1.8 g/t Au/18.45 m).

Gold zones can be followed in strike and at depth. Gold is associated with fine grained pyrite and magnetite in several meters thick potassic altered shear zones.

A deformation zone striking EW-NE was enhanced on the property and should be the focus of future work.

Heberto Gold is located at the contact of a low mag with a higher magnetic area, seeming to extend eastward as wellas different ENE structures. Studies are ongoing on in that sense.

Dios' Historical 2015-2017 Drilling Results (Heberto channel graded 5.18 g/t gold on 5 meters):

(See 2015-2017 Dios'press releases, as well as April 21, 2016 release)

Gold exploration is to be pursued on Au33 property on Heberto Gold east- northeast extent.

Dios' geochemical data returned significant gold-in-till values east of Heberto discovery outcrop, hiding possible gold occurrences. See cluster of golden triangles on map hereunder:

A detailed low altitude magnetic drone survey over 813 line-kilometers with 35 m line spacing is to be carried on in coming weeks, to specifically help define more accurately ENE structures in these areas with more than notable high in till gold values.

At least two sets of gold-bearing structures are defined on the property and the east-north-east striking ones may have remobilized and concentrated gold from the NS-NNW gold bearing structures.

Overall performance Quarter ended June 30, 2025

Net loss for the quarter ended June 30, 2025, is $28,176 (net loss of $34,773 for the same period in 2024), whereas expenses for the quarter totalled $28,574 ($33,617 for the same period in 2024).

Quarter analysis

• Increase in trustees, registration fees and shareholders' relations for 2025, compared to 2024.

• Decrease in insurances, taxes and permits, employee benefits expense, consulting fees and income taxes of section XII.6 and IIII.14 for 2025, compared to 2024.

  Analysis of the non-monetary operations that does not require an exit or an outflow of cash (positive: income and negative: expense)

  	Quarter ended June 30, 2025 $	Quarter ended June 30, 2024 $
  Stock-based payment	-	(11,340)
  Deferred income taxes	-	4,277

  Six-month period ended June 30, 2025

  Net loss for the six-month period ended June 30, 2025, is $77,305 (net loss of $98,768 for the same period in 2024), whereas expenses for the six-month period totalled $76,155 ($85,675 for the same period in 2024).

  Six-month period analysis

• Increase in trustees, registration fees and shareholders' relations for 2025, compared to 2024.

• Decrease in insurances, taxes and permits, publicity, travel and promotion, employee benefits expense, consulting fees and income taxes of section XII.6 and III.14 for 2025, compared to 2024.

  Analysis of the non-monetary operations that does not require an exit or an outflow of cash (positive: income and negative: expense)

  	Six-month period ended June 30, 2025 $	Six-month period ended June 30, 2024 $
  Stock-based payment	(1,890)	(28,672)
  Deferred income taxes	-	6,208

  Financial position

• Working capital increased by $72,136, going from $(67,906) on December 31, 2024, to $4,230 on June 30, 2025. The increase in mainly due to exploration costs and administrative expenses incurred during the period and the closing of a private placement.

• Cash and cash equivalents, and term deposit amount to $131,582 on June 30, 2025, compared to an amount of $55,965 on December 31, 2024. The Company is considered to be in the exploration stage; thus, it is dependent on obtaining regular financing in order to continue exploration. Despite previous success in acquiring sufficient financing, there is no guarantee of obtaining any future financing.

Exploration Budget for fiscal year 2025: The planned exploration work to be conducted by Dios in 2025 is disclosed in the 2024 Annual Management report. See above section "Exploration work performed during the period".

On July 7, 2025, Azimut acquired 100% interest in 103 claims covering 54.3 sq. km forming the K2 Property (the "K2 claims") in the western part of the Lower Eastmain Archean Greenstone Belt, for a cash payment of C$120,000 and the issuance of 200,000 Common Shares of Azimut. Dios will retain a 2.0% NSR royalty on the K2 claims, subject to a buyback of 1.0% NSR for C$3,000,000. The quarterly financial statements for the period ending June 30, 2025, thus do not yet reflect that transaction.

Key management personnel of the Company are members of the Board of Directors, as well as the president, the chief financial officer and the vice-president exploration. Key management personnel remuneration includes the salaries, the consulting fees and share-based payments.

For the quarter ended June 30, 2025, the compensation is $0 ($13,847 for the same period last year). An amount of $0 ($0 for the same period last year) was capitalized in Exploration and evaluation assets.

For the six-month period ended June 30, 2025, the compensation is $1,627 ($38,955 for the same period last year). No amount was capitalized in Exploration and evaluation assets for the 2025 and 2024 periods.

See the forward-looking information in the 2024 Annual Management report.

Montreal, Quebec August 14, 2025.